Anyone know a good figure such as 15% or 18%?
2007-02-22 10:32:03 · 3 answers · asked by That Guy 5 in Business & Finance ➔ Taxes ➔ United States
Let's assume the annual income is $35,000
2007-02-22 10:42:22 · update #1
there is a great free web site to calculate your paycheck in any state. and it very accurate.
go to WWW.paycheckcity.com
good luck ,Liz
2007-02-22 10:49:33 · answer #1 · answered by lizbulgarelli 2 · 2⤊ 0⤋
TX does not have an income tax. The only deductions are for Federal income tax, SS Tax, & Medicare tax. SS & Med add up to 7.65%. Income tax depends upon your gross pay -- anything from 0% to 35%.
Of course, not having an income tax isn't such a great deal. Property taxes in TX are breathtakingly high, as are the sales taxes. I had property in TX and the tax bite was 5 times as high as it is in MO where I now live. In fact, the TX property tax was more than my combined income tax and property tax in MO!
Damn, I'm glad that I'm not in TX any more! Talk about hideously high taxes!
2007-02-22 10:35:53 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 3⤋
Bostonian is correct. that's only one of the many reason I love Texas. :)
2007-02-22 10:39:01 · answer #3 · answered by Tom's Mom 4 · 1⤊ 1⤋